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Chennai, May 31

Orchid Chemicals and Pharmaceuticals has reported a 33 per cent decrease in net profit for the fourth quarter ended March 2008 due to exchange losses on outstanding FCCBs. The exchange loss on outstanding FCCBs was Rs 7.77 crore. At the board meeting on Friday, the directors have recommended a dividend of Rs 3 (30 per cent) a share. The company has nearly doubled its net profit during 2007-08 over that of the previous year. A press release from the company quoting its Mana ging Director, Mr K. Raghavendra Rao, said that during the fourth quarter the company has taken steps to enter Japan, the second largest pharmaceutical market in the world. The business alliance with Ranbaxy would also be mutually beneficial.

— Our Bureau

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